XRP has recently witnessed a notable decline, slipping by 5% over the past week. The altcoin dropped below key levels of $2.40 and $2.45, raising concerns among investors. However, a market analyst believes this price shift is not a sign of a crash but rather part of a bullish ascending triangle formation.
Crypto analyst Egrag Crypto even stated that he will have to give “a slap” to anyone who mentions “crash” again.
XRP Latest Price Movement
XRP is presently trading at $2.56 following an intraday peak of $2.60 and a low of $2.45. The decline coincides with a period of rapid value gain for the token. According to Egrag Crypto, XRP is still in a structured pattern even with the pullback; if confirmed, this might lead to more increases.
The Construction Of The Ascending Triangle
Egrag Crypto claims XRP is forming an ascending triangle, a technical pattern usually signifying a likely breakout. This development is defined by a run of higher lows converging toward a horizontal resistance level. In the past, such circumstances imply an optimistic vibe if the price breaks past the resistance.
“XRP is simply filling in the ascending triangle formation,” the analyst said. “The first attempt? Let’s call it a fake-out! Now, we’re just retesting the edge of the formation,” he added.
Technical research highlighted this trend in December 2024, with Egrag forecasting ambitious price targets of $17 and $27. A similar examination conducted in October 2024 revealed resistance levels at $0.90 and $1.30, suggesting that overcoming these challenges will open the path for a potential price ascent.
Levels Of Resistance And Market Sentiment
The latest change in the price of XRP is in line with fluctuations in the market as a whole. Analysts point out important resistance levels that could determine the future path of the token, but some buyers are still wary because of the short-term volatility. Should XRP be able to break out of its current level, and momentum could push it toward bigger targets.
External market variables, such as changes in the price of Bitcoin and general sentiment in the cryptocurrency market, will also be very important. Though traditionally optimistic, analysts emphasize that ascending triangles require confirmation through prolonged price action and increased volume.
What Does XRP Have In Store?
Market observers are keeping a careful eye on XRP as it trades close to $2.56 in anticipation of a breakthrough or additional consolidation. The altcoin may experience a new upward motion in sync with previous forecasts if resistance at higher levels is broken.
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